- Prachi Singh |
The Cato Corporation reported net income of 11.9 million dollars or 48 cents per diluted share for the second quarter ended August 3, 2019 compared to 6.5 million dollars or 26 cents per diluted share for the second quarter ended August 4, 2018. Sales for the quarter were 210.4 million dollars or an increase of 2 percent, while same-store sales increased 4 percent to last year.
“Our performance in the second quarter and first half of 2019 exceeded our expectations with higher same-store sales, higher merchandise margins and savings in SG&A,” commented John Cato, Chairman, President, and Chief Executive Officer in a statement, adding, “However, we remain cautiously optimistic about the second half of the year given the difficult retail environment and the potential effect of new tariffs.”
For the six months, the company earned net income of 33.1 million dollars compared to 29.9 million dollars for the same period last year, while earnings per diluted share were 1.34 dollars compared to 1.20 dollars last year. Sales for the six months were 438.4 million dollars, down 1 percent and same-store sales increased 1 percent.
As of August 3, 2019, the Cato Corporation operated 1,299 stores in 31 states, compared to 1,350 stores in 33 states as of August 4, 2018.